On 24 July 2024, the Payment Systems Regulator (PSR) published Policy Statement PS24/4 setting out its finalised new guidance on how it will make decisions on whether to grant exemptions or extensions to a specific direction or requirement.
Background
The PSR uses specific directions and requirements to require firms to make changes that improve payments for people and businesses in the UK. It consulted in May 2024 on proposed guidance setting out factors that it would use to decide whether to grant an extension or exemption to parties affected by one of the specific directions or specific requirements.
The finalised guidance
Following the consultation, the PSR has made some limited revisions to its draft rules to provide additional clarity on its approach. The final guidance is set out in PS24/4, along with a summary of the consultation responses, the PSR’s response to the issues raised by respondents, and the revisions made to the guidance.
Commenting on the guidance, PSR Manag
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